There were eleven states in the US that qualified to hold Canadian Natural shares through the Ranger Oil acquisition, CA, CT, FL, IL, MI, MO, NJ, NY, OH, PA, TX. Given this, those shareholders residing in the non-qualified states received the cash option of $8.25 Canadian (C$) dollars for every share of Ranger.

Cash - $8.25 Cdn in cash, subject to an aggregate maximum of $650 million and to proration.

Shares - 0.175 common shares of Canadian Natural, subject to an aggregate maximum of 10 million common shares and to proration.

On July 14, 2000, approximately 92% of the Ranger shareholders sent their shares to us, 95% of those people chose the "cash" option. Because the majority chose the cash option, the proration was put in effect and everyone who chose cash received the following:

Cash - $5.605755 Cdn per Ranger share

Shares - 0.05609 of a common share of Canadian Natural per Ranger share

If you reside in one of the eleven qualified states:

After August 21, 2000, all shareholders that did not send their Ranger shares to the offer will receive the default. The default being cash and shares (proration above).

With an example of 10 shares of Ranger, you will receive the following:

10 x 5.605755 = $56.06 Cdn (cash portion of the proration)

10 x 0.05609 = 0.5609 (0 shares of Canadian Natural)

0.5609 x $47 (cdn) = $26.36 (fractional payout in Canadian dollars)

Sceptre Resources Limited

The Plan of Arrangement formed between Sceptre Resources Limited and Canadian Natural Resources Limited expired on August 16, 2002. Please find detailed information below regarding this Plan of Arrangement.

On July 21, 1992 the shareholders of Sceptre approved a Plan of Arrangement whereby their shares were exchanged into “new” shares of Sceptre on a basis of 10 shares held for 1 “new” share. Under the Plan of Arrangement, the shareholders, as approved by the shareholders, had six years to exchange their shares. Any shareholder that failed within those six years to exchange their shares pursuant to the Plan of Arrangement forfeited all rights or claims of any kind or nature and the right of the holder of such common shares to receive “new” shares and the rights attached thereto.

On August 14, 1996, the security holders of Sceptre voted in favour of a Plan of Arrangement whereby each holder of a “new” Sceptre common share who had not submitted a Letter of Transmittal with their shares by August 13, 1996 would receive 0.38 common shares of Canadian Natural Resources Limited (“Canadian Natural”). The effective date of the Plan of Arrangement was August 16, 1996. The shareholders had approved a term of six years within which to exchange their “new” common shares of Sceptre for shares of Canadian Natural Resources Limited. The expiry date was August 16, 2002.

Therefore, those holders who were shareholders of Sceptre prior to July 21, 1992 and did not exchange their shares would have forfeited their rights to Canadian Natural shares in 1998. Those shareholders who had exchanged their shares pursuant to the Plan of Arrangement of July 21, 1992 but failed to exchange their shares for Canadian Natural shares pursuant to the Plan of Arrangement dated August 14, 1996 would have forfeited their rights to Canadian Natural shares on August 16, 2002.

As a courtesy to the former Sceptre shareholders who had not exchanged their shares, Canadian Natural attempted to contact all shareholders still holding Sceptre shares to remind them of the pending expiry date of August 16, 2002.

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